Financial Daily from THE HINDU group of publications
Tuesday, Nov 09, 2004
Financial Daily from THE HINDU group of publications Tuesday, Nov 09, 2004 |
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Info-Tech
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Trends Salaries rise; so does job-hopping Our Bureau
Bangalore , Nov. 8 IN the last 10 months, Indian industry demonstrated the highest average salary increase and the highest attrition rate in the Asia-Pacific region. And the positive outlook in salary increases in 2004 will continue in the coming year. According to findings by the Annual Asia Pacific Salary Increase Survey conducted by Hewitt Associates, Indian IT industry witnessed an average salary increase at 14.5 per cent and 89 per cent of the companies linked salary increases to performance ratings. None of the 68 companies in the country that participated in the survey predicted chances of any pay freeze in the coming year. These companies were from the IT, engineering, chemicals, banking, financial services and the construction industries. The survey also revealed that the country experienced the highest attrition rate at 15.4 cent. During the year, employees in China continued to enjoy a salary increase of 8.4 per cent, in the Philippines it was 7.7 per cent and in Korea the average salary increase was 6.8 per cent. The US demonstrated a record low in salary increase, but companies are expecting to improve the figures in the coming year. According to Mr Nishchae Suri, Hewitt's Asia-Pacific Business Head for Talent and Organisation Analytics Consulting, " "Higher levels of attrition in Asia have resulted in increased pressure on organisations to retain key talent. Today, HR practitioners are taking more focussed initiatives by developing cohesive and meaningful HR retention programmes."
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